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Bitcoin quietly came back with a vengeance; +5% on the day to $6,383

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Bitcoin is quietly having a major upswing amongst a tenuous time for risk assets.   As stocks appear poised to have their worst week in 2019, the largest cryptocurrency is surging on speculation increased tariffs will see smugglers go to the cryptos to avoid transparency on future purchases.  The majority of the recent rally with Bitcoin coincides with recent escalation in trade talks between China and US.

Some crypto blogs keep highlighting comments from US representative Brad Sherman who has been a consistent critic of cryptocurrencies.  His comments at the House Financial Services Committee to outlaw cryptocurrency purchases by Americans is nothing new.

After clearing multiple resistance levels, Bitcoin could see resistance from the $6,700 region.  Bitcoin has rallied seven of the last eight trading days, but in its heyday has been no stranger to overextended rallies.  To the downside, $6,000 mark becomes key support.

 

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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